Ask Jennifer: Personal Debt

Jennifer Lane, a certified financial planner, answers viewers' questions

 Interest rates on savings accounts are low, but loan and credit card rates are still high.

Jennifer Lane, a certified financial planner with Compass Planning, answers viewers' questions on personal debt.

Judy in Wakefield, Massachusetts, asks: "I need to replace my car when my lease ends in October. I had planned to refinance my mortgage from a 15 year to a 20 year to improve my monthly cash flow. Would it be better to refinance my mortgage first or purchase the car first?"

Arnold in Boston writes: "I was laid off last week. I have a 401k loan that must be paid off ASAP. I don't have the savings to pay the loan. Do I have other alternatives?"

Michelle in Sudbury asks: "Our daughter starts her master's degree in a couple weeks and is planning to pay with new student loans. I hate to see her graduate with all that debt. I'm retiring next year so can I use an IRA from my bank to cover her loans? CD rates are so low now."

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